Zorlu: Initial capital of $1B planned for Development Bank in Turkic world

Türkiye is working on forming an initial charter capital of $1 billion for the establishment of a joint Development Bank in the Turkic world, Kursad Zorlu, Deputy Chairman of Türkiye's ruling Justice and Development Party (AK Party), Head of Relations with Turkic States, and Member of Parliament from Ankara, told journalists, Report informs.

According to Zorlu, Türkiye's proposals for the creation of the bank are currently being prepared in project form.

"At present, we in Türkiye are preparing our proposals for the establishment of a Development Bank in the Turkic world. Once our preparations are complete, we will present this proposal to our other states for discussion and feedback. If our commissions achieve progress, initiatives can be realized under the supervision of our heads of state. This decision, of course, will be made by our leaders," the MP explained.

He continued: "You know, there is the World Bank, the International Monetary Fund (IMF), the European Bank for Reconstruction and Development (EBRD), and the Islamic Development Bank (IDB). So why should we not establish a Development Bank in the Turkic world to implement large‑scale projects? We have the capacity. At the very least, starting this activity is very valuable. In the project we are preparing, we are working on an initial charter capital of at least $1 billion. Naturally, this figure may change as the process becomes clearer."

Zorlu also pointed out that different options are being considered for distributing the charter capital among participating states: "There are various options for how the charter capital will be shared. It may be based on population, national income, or other criteria. The decision will be made by our heads of state, and we will implement it accordingly. You know, in the Investment Fund we also formed a joint budget. Similarly, we are designing this bank so that not only our states but also internationally recognized financial institutions with proven credibility can join us as partners. The Investment Fund itself may also participate in the bank's capital. In this way, we can realize a project with very broad financial opportunities."